Eastern American Natural Gas Trust Announces Quarterly Distributable Income; No Distribution
09 May 2013 - 6:15AM
Business Wire
EASTERN AMERICAN NATURAL GAS TRUST (NYSE:NGT) announced today
that for the quarter ended March 31, 2013 Distributable Income was
$6,175,860 ($1.0468 per trust unit), which included the $5,917,275
of proceeds received by the Trust as a result of the Trust’s sale
of the Royalty NPI in January 2013.
As previously announced, no distribution will be made to
Unitholders at this time. All of the Distributable Income, and any
other amounts received by the Trust after December 31, 2012 and
prior to the Trust’s final distribution, will be reserved until the
final distribution, which will be subject to the prior payment of
all expenses and liabilities of the Trust, and to the establishment
and funding of any reserves the Trustee deems appropriate for
contingent liabilities. The amount of the final distribution is not
yet known.
May 24, 2013 will be the last day of trading of the Units on the
New York Stock Exchange, and the Trust will be liquidated shortly
thereafter.
On or about June 17, 2013, Unitholders of record as of the close
of business on May 31, 2013 will be entitled to the proceeds
attributable to the mature Treasury Obligations ($20.00 per trust
unit), unless the Treasury Obligations relating to the trust units
have previously been withdrawn. Unitholders of record as of the
close of business on May 31, 2013 will receive instructions
relating to the payment of the Treasury Obligation proceeds.
On or about August 15, 2013, Unitholders of record as of the
close of business on May 31, 2013 will also be entitled to their
pro rata share of the proceeds received from the Trust’s sale in
January 2013 of the Royalty NPI plus their pro rata share of
revenues attributable to the Term NPI for the period beginning
October 1, 2012 through May 15, 2013, less the costs and expenses
and reserves of the Trust during such period.
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press
release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include all matters regarding the
termination and liquidation of the Trust and all information
relating to the amount and date of any anticipated distribution to
unit holders. An investment in Units issued by Eastern American
Natural Gas Trust is subject to the risks described in the Trust's
Annual Report on Form 10-K for the year ended December 31, 2012,
and all of its other filings with the Securities and Exchange
Commission. The Trust's annual, quarterly and other filed reports
are available over the Internet at the SEC's web site at
http://www.sec.gov.
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